Email from Cath, page-35

IMO Petrosen has no PE rights while being a free carry party to the JV.
Let's apply a bit of logic.
If Petrosen had PE rights and exercised, it would mean the Govt needs to dish up cash to pay for the stake (surely the remaining partners who wish to pre-empt will not be prepared to pay for such portion) and its only logical to expect, if such situation arose, that the Govt/Petrosen would then be expected to fund future cash calls for that portion.. Surly the JOA won't allow for a freecarried partner to PE, thereby increasing it's stake and then still to remain free-carried with the greater stake.. It would create a further financial burden to the remaining JV partners which will not be insignificant.

No way the govt will support a Petrosen to "PE" and then create a financial obligation for the government/state and it's people for an indefinite time ( just imagine if the SNE is still years away from commercialisation with say 10 more wells to be drilled).
Haven't seen the JOA but neither have I seen a JV situation where the free carried partner has PE rights... makes no sense.
I work on the premise that only FAR and CNE has/had PE rights, that CNE gave up their right to PE when they "welcomed" WPL ( and most likely having been fully informed on the structure of the COP/WPL deal), that COP, realising CNE is "in the bag" and then assumed that FAR has no financial capacity to PE, got reckless and issued a PE notice which fell short of compliance under the JOA.

On different issue..just read 34232's post which in some respects very much aligns with my views on the current issue. This from my post some days ago:
" ..The FINAL game is now being played and “worked out”. I don’t think WPL will succeed. Because that would mean that TOTAL will lose out forever on the Senegal assets. Remember, if WPL succeeds, then they will have PE rights if FAR or Cairn decide to sell down further down the track. Total/France fully appreciates this..."

Effectively there is no longer any room for a stoush between FAR/COP/WPL..... No need because they would all appreciate that Senegal's oil, the future owners/benefactors of this energy resource is now out of their hands/control and is at the behest of the Sen Govt. The final game, most likely, being nutted out between Govt's of States as we speak..(at Gov't levels). Once finalised, FAR will be called upon to toe the line. FAR is the vehicle for the Big Sister to lock in the Senegal oil for generations to come. In return, Big Sister and Senegal will need to be seen to be "fair and transparent"... as such, a handsome $$price to be paid for the ONE and ONLY opportunity (there won't be another... this is it)to obtain generational ownership of the resource. Again, by way of repetition, the Sister who wins this (albeit opportunistically through FAR) will be untouchable because they will have PE rights on all remaining stakes being held by the JV partners in respect of these leases. FAR knows this, WPL knows this, COP knows this, CNE knows this, Petrosen knows this and most importantly , FRANCE and TOTAL knows this ( as would any of the other Sisters and States).
And as an add-on, The Sister now has the additional opportunity to further widen her footprint over Senegal offshore acreage by taking up all, or part of FAR's obligation to earn 75% in DJ.

Of course, AIMO